The PRIIPs Regulation foresees that in case of a significant investor protection concern or a threat to the orderly functioning of financial markets, national supervisors and, in some cases, EIOPA, have the power to prohibit or restrict the marketing or distribution of certain insurance-based investment products or a type of financial activity or practice of a (re)insurer. In its technical advice, EIOPA specifies the criteria and factors that should be taken into account in order to determine the situations in which supervisory intervention is required.
EIOPA's technical advice takes into account the work that has already been undertaken by ESMA and EBA on product intervention powers in respect to financial instruments and structured deposits respectively, under the Regulation on markets in financial instruments (MiFIR).
The Final Report contains the resolution of comments of stakeholders and, in particular, the Opinion of EIOPA's Insurance and Reinsurance Stakeholder Group. In addition, EIOPA elaborates on possible costs and benefits of the advice proposed.
Background
In August 2014, EIOPA received a request for technical advice from the European Commission (EC) on delegated acts regarding product intervention powers for insurance-based investment products under the Regulation on Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs Regulation).
In November 2014 – February 2015, EIOPA conducted the public consultation on its draft technical advice to the EC.
The document can be viewed below
|